Pharma Startup Borrows $1.5 Million From Connecticut Innovations

Perosphere, a small pharmaceutical company In Danbury, borrowed $1.5 million from Connecticut Innovations, the state-funded agency that both invests in high-tech startups and makes loans to businesses looking to grow.

Perosphere, which is less than 3 years old, has no drugs on the market yet. It is looking to improve the drug delivery methods for drugs already on the market, but also is working on new indications for already approved drugs, such as seeing if an anticonvulsant can be administered in such a way that it could reduce brain cell damage after a heart attack, stroke, or traumatic brain injury . It also is working on developing fast-acting rescue drugs.

The company's lead drug candidate, a reversal agent for anticoagulants, is in Phase II clinical trials.

"Perosphere is an emerging technology company that is at a pivotal growth point," said Kevin Crowley, managing director of investments at Connecticut Innovations. "It has a strong management team in place and is an organization that can have not only a positive economic impact but also contribute scientifically to the advancement of rescue medications."

The loan will help fund a 16,000-square-foot building, which will include both lab and manufacturing space. The company plans to grow to 30 employees.

The money for this project comes from CI's Bio-Facilities Fund, established in 1998. Over the life of the program, it has spent more than $40 million, which paid for more than 330,000 square feet of office and lab space.